Transcorp Power Plc, a subsidiary of Transnational Corporation Plc, listed its shares on the Nigerian Exchange (NGX) Main Board. The listing ceremony, held on March 4th, 2024, included a Closing Gong event and a presentation titled “Facts Behind the Listing.”
On its first trading day, Transcorp Power saw a remarkable 10% increase, closing at N264 per share, surpassing the initial N240 per share listing price.
This listing underscores Transcorp Group’s integrated power strategy, leveraging Nigeria’s resources to drive economic growth and fulfill its mission of “Improving Lives and Transforming Africa.”
Furthermore, it showcases Transcorp Power’s commitment to strong corporate governance, operational excellence, and stakeholder value creation. Notably, the company received post-privatization discharge from the National Council on Privatization in May 2023.
Operating the Ughelli Power Plant in Delta State, Transcorp Power has significantly increased its capacity.
At the time of acquisition, the plant had an available capacity of 160MW but now operates with an installed capacity of 972MW, a 680.83MW (a 227% capacity increase) within 4 years of acquisition. Transcorp Power surpassed the 5-year target of 670MW exceeding targets set by the Bureau of Public Enterprises.
Peter Ikenga, Transcorp Power’s Managing Director/CEO stated, “This is a testament to our unwavering dedication to powering Nigeria’s growth. We embark on this new chapter with a sense of purpose, innovation, and a commitment to continue to deliver sustainable energy solutions in Nigeria and beyond.”
Transcorp Group Chairman, Tony Elumelu stated that the listing marks a historic moment for Transcorp Power Plc. “This milestone reflects Transcorp’s commitment to catalysing economic growth and prosperity. We invest in strategic sectors within the economy, transform, expand businesses, and consciously seek ways to share value. Our track record is evident with Transcorp Hotels Plc and now Transcorp Power Plc. We are focused on improving access to electricity for all, creating lasting value for our shareholders and contributing to our nation’s development.”
